Champion Test Questions #2
a borrower is a 65 year old retiree with significant equity in his home. which of the following would
be the best option to assist him with paying for repairs on his home?
A) ARM
B) HECM
C) HELOC
D) SISA C) HECM (home equity conversion mortgage)
which of the following is a reverse mortgage?
A) HELOC
B) ARM
C) HECM
D) bridge loan C) HECM (home equity conversion mortgage)
a home equity conversion mortgage (HECM) is a reverse mortgage available to home owners over
the age of
A) 18
B) 60
C) 62
D) NO limit C) 62
the rural housing service (RHS) is an agency of the
A) united states department of housing and urban development
B) the united states department of agriculture
C) the department of the interior
D) the federal housing agency B) the united states department of agriculture
what is the mission of the (RHS) rural housing service
A) grant loans for farm equipment
B) only deals with agriculture loans
C) improve the quality of life in rural areas
, D) set regulations on rural developments C) improve the quality of life in rural areas
FHA security instrument require a borrower to establish bona fide occupancy in a home as the
borrower's principal residence within
A) 60 days of signing the security instrument, with continued occupancy for at least one year
B) 10 days of funding the loan, with continued occupancy for at least one year
C) for 30 days of signing the security instrument, with continued occupancy for at least one year
D) 90 days of funding the loan A) 60 days of signing the security instrument, with continued
occupancy for at least one year
VA's debt-to-income ratio is a ratio of total monthly debt payments to gross monthly income. it is a
guide and , as an underwriting factor ,it is secondary to
A) the front ratio method
B) the family monthly support income
C) the residual income method
D) the reserve ratio qualifier C) the residual income method
what is the acceptable debt-to-income ratio for a VA loan?
A) 0%
B) 41%
C) 28/36
D) 36% B) 41%
what is the name of the loan often referred to as the "one-time-close'' or the "single-close''
construction loan program?
A) stand alone construction loan
B) construction only loan
C) construction to permanent loan
D) construction integration loan C) construction to permanent loan
the mortgagee is the
A) escrow agent
a borrower is a 65 year old retiree with significant equity in his home. which of the following would
be the best option to assist him with paying for repairs on his home?
A) ARM
B) HECM
C) HELOC
D) SISA C) HECM (home equity conversion mortgage)
which of the following is a reverse mortgage?
A) HELOC
B) ARM
C) HECM
D) bridge loan C) HECM (home equity conversion mortgage)
a home equity conversion mortgage (HECM) is a reverse mortgage available to home owners over
the age of
A) 18
B) 60
C) 62
D) NO limit C) 62
the rural housing service (RHS) is an agency of the
A) united states department of housing and urban development
B) the united states department of agriculture
C) the department of the interior
D) the federal housing agency B) the united states department of agriculture
what is the mission of the (RHS) rural housing service
A) grant loans for farm equipment
B) only deals with agriculture loans
C) improve the quality of life in rural areas
, D) set regulations on rural developments C) improve the quality of life in rural areas
FHA security instrument require a borrower to establish bona fide occupancy in a home as the
borrower's principal residence within
A) 60 days of signing the security instrument, with continued occupancy for at least one year
B) 10 days of funding the loan, with continued occupancy for at least one year
C) for 30 days of signing the security instrument, with continued occupancy for at least one year
D) 90 days of funding the loan A) 60 days of signing the security instrument, with continued
occupancy for at least one year
VA's debt-to-income ratio is a ratio of total monthly debt payments to gross monthly income. it is a
guide and , as an underwriting factor ,it is secondary to
A) the front ratio method
B) the family monthly support income
C) the residual income method
D) the reserve ratio qualifier C) the residual income method
what is the acceptable debt-to-income ratio for a VA loan?
A) 0%
B) 41%
C) 28/36
D) 36% B) 41%
what is the name of the loan often referred to as the "one-time-close'' or the "single-close''
construction loan program?
A) stand alone construction loan
B) construction only loan
C) construction to permanent loan
D) construction integration loan C) construction to permanent loan
the mortgagee is the
A) escrow agent
